Greetings,
We had some nice price action today as you are probably aware of, we closed above previous structure high and above the purple pitchfork trendline which now acts as support. I have drawn another pitchfork in the chart and tried making it a bit clear for you. Once the red meridian line of the smaller pitchfork is broken price could potentially see price reach 1.0828 as its the 1.618 extension and also previous structure high. Current resistance is the 1.13 fib extension togheter with the pivot mR1 line which is likely to break sooner or later.
Note that the red meridian trendline(current resistance) could keep rejecting price for a while, while price crawls upwards against it.
You could still place a buy order with stops at 1.0722, if you do make sure to adjust stoploss to break even once price starts to move higher.
One last thing, the other USD pairs will have similar opportunitys.
Goodluck to all
We had some nice price action today as you are probably aware of, we closed above previous structure high and above the purple pitchfork trendline which now acts as support. I have drawn another pitchfork in the chart and tried making it a bit clear for you. Once the red meridian line of the smaller pitchfork is broken price could potentially see price reach 1.0828 as its the 1.618 extension and also previous structure high. Current resistance is the 1.13 fib extension togheter with the pivot mR1 line which is likely to break sooner or later.
Note that the red meridian trendline(current resistance) could keep rejecting price for a while, while price crawls upwards against it.
You could still place a buy order with stops at 1.0722, if you do make sure to adjust stoploss to break even once price starts to move higher.
One last thing, the other USD pairs will have similar opportunitys.
Goodluck to all